Wednesday July 30 9:15 AM EDT
Company Press Release
Source: Tels Corporation
TELS Corporation Secures a Line of Credit with Concord Growth
Corporation
SOUTH JORDAN, Utah, July 30 /PRNewswire/ -- Stephen M. Nelson, President
of TELS Corporation (Nasdaq:TELS), announced today that the Company has
secured a $750,000 line of credit with Concord Growth Corporation of San
Jose, California. This agreement, which lasts through 1999, replaces the
current annually renewable credit line financed through Zions First Nat
ional Bank of Salt Lake City, Utah.
The contract with Concord Growth Corporation has an interest rate of
prime plus three percent, matures in July 1999, and is secured with
accounts receivable and inventory.
``We are looking forward to a solid financial relationship with Concord
Growth and believe they will allow us the stability we need to focus on
our core strengths and foster growth,'' said Mr. Nelson.
Mr. Nelson and the management team of TELS believe that this line of
credit will enable the Company to maintain its current level of working
capital and meet its cash requirements for the foreseeable future.
However, the Company may require additional financing for expansion,
product development, and other potential growth opportunities under
consideration.
TELS Corporation through its subsidiaries, designs, builds, assembles,
sells and services call accounting and other telecommunications systems.
The company also assembles electronic systems on a contract basis, as
well as designs, sells and services computer software products. |
